Pactiv Evergreen downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital analyst Arun Viswanathan downgraded Pactiv Evergreen (PTVE) to Sector Perform from Outperform with a price target of $18, up from $14, after the company entered into an agreement to merge with Novolex for $18 per share. RBC views the stock as fairly valued at current levels, noting the acquisition by Novolex has shareholder approval.